Chelsea

Chelsea announce completion of Todd Boehly takeover

By Darren Plant, Senior Reporter | 30 May 2022

Chelsea announce completion of Boehly takeover

Chelsea confirm that a consortium led by Todd Boehly have become the club's new owners, officially ending Roman Abramovich's 19-year spell at the club.

Chelsea have confirmed that a consortium led by Todd Boehly have become the club's new owners, officially ending Roman Abramovich's 19-year spell at Stamford Bridge.

Since early March, the Premier League club have been up for sale, a development soon followed by the British government imposing sanctions on Abramovich for his links to Russia president Vladimir Putin.

With a special licence expiring at the end of May, the target has always been to finalise a sale by that deadline, and it has been known for a number of weeks that Boehly was the preferred bidder.

Two days after Chelsea released a statement to reveal that the takeover was on the brink of completion and Abramovich formally said his goodbyes, Chelsea have now confirmed that they are under new ownership.

A lengthy statement said that "Roman Abramovich has completed the sale of Chelsea Football Club and related companies to an investment group led by Todd Boehly and Clearlake Capital."

The speed at which the takeover had been completed was also referenced, the club stating that a change of hands of this magnitude would have usually taken nine months and that over 250 enquiries had been made upon Chelsea being put on the market.

Furthermore, Chelsea say that Boehly and the consortium have committed to "certain binding financial commitments" relating to the academy, women's team, the redevelopment of Stamford Bridge and the Chelsea Foundation.

The completion of the deal also officially ends the restrictions imposed on Chelsea, allowing Thomas Tuchel and club officials to buy and sell players and renegotiate contracts with current members of the squad.